by Angela Guess
Randy Bean, CEO of NewVantage Partners, recently wrote in Forbes, “I have long had an aversion to the term, ‘Data Governance.’ As one senior executive put it, ‘it sounds like ‘Data Government,’ and that can’t be good!’ For analysts and data scientists who aspire to innovation and data experimentation, governance can imply restriction, limitation, and unnecessary bureaucracy. For executives operating in industries bound by regulation, compliance, and sensitivity to issues of privacy and data protection, the thought of more governance runs counter to aspirations of innovation and ‘data freedom.’ Yet, in spite of the bureaucratic-sounding name, and in contrast to the sexy-sounding term ‘Big Data,’ Data Governance has become an essential requirement for any organization that aspires to derive insight and business value from their data assets. Here is the case for Data Governance, and why data governance should matter to every business executive, not only data professionals.”
Bean continues, “Data is a shared asset. It is often stated that good fences make good neighbors. This principle applies to data as well. In complex organizations, agreed upon boundaries delineate ownership and areas of responsibility. In business, responsibility and ownership is commonly delineated by product categories, market segments, geographic regions, and internally by business functions. Data ownership and responsibility does not correspond to traditional business functions and boundaries, with the result that data management presents a profound challenge for most organizations… Resolution of this challenge begins with the recognition that data is a ‘shared asset’, and must be treated as such. This is why data governance is essential – as a set of practices, policies, standards, and guideposts that provide a foundation for deriving value and insight from the data that an organization maintains.”
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